E G H Current Value of house $ 355,000.00 2 Loan Balance 3 Equity #VALUEI 4 5 If most lenders will refinance upto 90% of appraised value 7 Refinancing amount $319,500.00 8 9 Excess available for cash out #VALUE! 10 Refinancing rate 3.25% 17 Tax rate 30% 12 Cost of funds after tax 13 14 Risk-free return 2.15% 15 16 After-tax yield 17